Ben Bernanke joins Brookings

Former Federal Reserve Chairman Ben Bernanke is joining the Brookings Institution as a distinguished fellow in residence, the think tank announced on Monday.

Bernanke stepped down as Fed chairman on Friday after eight years at the helm of the U.S. central bank — during which he oversaw the Fed’s response to the 2008 financial crisis and the ensuing economic recession.

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“Brookings scholars have a well established reputation for contributing innovative ideas and trenchant analysis to economic and other public policy debates,” Bernanke said in a statement. “I welcome the opportunity to engage in that vibrant community through research and writing.”

Bernanke will be affiliated with the Hutchins Center on Fiscal and Monetary Policy, which Brookings launched Jan. 16 following a $10 million grant from the Hutchins Family Foundation.

Brookings has a history of being affiliated with Fed officials.

For instance, former Fed Vice Chairs Alice Rivlin and Donald Kohn are senior fellows in the Brookings economic studies program.

“As a leading scholar on the causes of the Great Depression and the role of credit in a well-functioning economy, Chairman Bernanke was the right man at the right time,” Brookings Vice President and Director of Economic Studies Ted Gayer said. “We look forward to having him as part of our team, as we continue to research and promote policies that foster a stronger recovery from the Great Recession.”

Janet Yellen, Bernanke’s successor at the Fed, was sworn in as chair of the central bank Monday morning. Governor Daniel Tarullo administered the oath in the Fed’s board room.